绿山咖啡180亿美元收购JDE皮耶咖啡，标普下调信用展望至负面

Core Viewpoint - S&P Global Ratings has placed Keurig Dr Pepper on a negative credit watch due to its announcement of a significant acquisition of JDE Peet's for €18 billion, which is expected to worsen the company's debt situation [1][2] Group 1: Acquisition Details - The acquisition involves a cash purchase of JDE Peet's at €31.85 per share, representing a 20% premium over the stock's closing price last Friday, with a total equity consideration of €15.7 billion [1] - The transaction is anticipated to be completed in the first half of 2026, with plans to distribute shares of the combined coffee entity to existing shareholders by the end of 2026 [2] Group 2: Financial Implications - Following the acquisition, the company's leverage ratio is projected to exceed 5 times, significantly higher than the 4 times leverage ratio recorded at the end of June [1] - S&P analysts expect the combined company to reduce its leverage ratio to below 4 times within approximately two years post-transaction, based on debt repayment priorities and profit growth [2] Group 3: Market Position and Strategy - The new coffee business entity is expected to generate annual net sales exceeding $11 billion, with 88% of sales coming from the U.S. market, further solidifying Keurig Dr Pepper's leading position in the North American coffee market [3] - The company plans to split the merged entity into two independent publicly traded companies, one focusing on coffee and the other on other beverage businesses, to enhance operational efficiencies [1][2]